Bradley Chambers:

It’s certainly cheaper to buy your own bike, sign up for Peloton Digital, and just watch the classes while you ride. People who choose Peloton are buying the entire experience with deep integration of all the pieces working together, though.

Think about it another way:

It’s certainly cheaper to buy an Android phone, sign up for free Google services, and just deal with the lesser software quality. People who choose Apple are buying the entire experience with deep integration of all the pieces working together, though.

Fitness+ certainly offers a similar service to a bit of Pelaton's, but suggesting this is the death nail for Pelaton is insane to me.